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On July 4, CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has entered the late stage of a bear market, with U.S. spot ETFs showing initial signs of easing sell pressure. In the latest trading day, the U.S. spot Bitcoin ETF saw a net inflow of $223 million, with most demand directed towards FBTC (+$166 million) and ARKB (+$91.8 million).

[Analysis: Bitcoin Enters Late Bear Market, ETF Shows Initial Signs of Easing Sell Pressure]On July 4, CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has entered the late stage of a bear market, with U.S. spot ETFs showing initial signs of easing sell pressure. In the latest trading day, the U.S. spot Bitcoin ETF saw a net inflow of $223 million, with most demand directed towards FBTC (+$166 million) and ARKB (+$91.8 million).

Analysis: Bitcoin Enters Late Bear Market, ETF Shows Initial Signs of Easing Sell Pressure

On July 4, Bitdeer, a publicly listed Bitcoin mining company in the U.S., disclosed that as of July 3, 2026, its own BTC holdings remain at 0, excluding customer deposits. This week, Bitdeer produced 223.1 BTC and sold 223.1 BTC, resulting in a net holding change of 0 BTC. Bitdeer has reported zero BTC holdings since February 20, 2026, marking a continuous period of 19 weeks.

[Bitdeer Maintains Zero Bitcoin Holdings for 19 Consecutive Weeks, Producing 223.1 BTC This Week]On July 4, Bitdeer, a publicly listed Bitcoin mining company in the U.S., disclosed that as of July 3, 2026, its own BTC holdings remain at 0, excluding customer deposits. This week, Bitdeer produced 223.1 BTC and sold 223.1 BTC, resulting in a net holding change of 0 BTC. Bitdeer has reported zero BTC holdings since February 20, 2026, marking a continuous period of 19 weeks.

Bitdeer Maintains Zero Bitcoin Holdings for 19 Consecutive Weeks, Producing 223.1 BTC This Week

On July 4, Bitdeer, a Bitcoin mining company listed on NASDAQ, released its latest Bitcoin holdings data on platform X. As of the week ending July 3, its Bitcoin mining output was 223.1 BTC, but it sold 223.1 BTC during the same period, resulting in a net addition of 0 BTC. The company currently maintains zero Bitcoin holdings.

[Bitdeer Maintains Zero Bitcoin Holdings, Sells 223.1 BTC This Week]On July 4, Bitdeer, a Bitcoin mining company listed on NASDAQ, released its latest Bitcoin holdings data on platform X. As of the week ending July 3, its Bitcoin mining output was 223.1 BTC, but it sold 223.1 BTC during the same period, resulting in a net addition of 0 BTC. The company currently maintains zero Bitcoin holdings.

Bitdeer Maintains Zero Bitcoin Holdings, Sells 223.1 BTC This Week

On July 4, Goldman Sachs maintained a 'Buy' rating on MiniMax with a target price of HKD 860. In the report, Goldman Sachs stated that the MiniMax M3 model is priced the same as the M2.7, and with upgrades in training and inference architecture, the inference efficiency has more than doubled, sufficiently offsetting the cost increase from the doubling of model parameters. This week, DeepSeek announced that the official version of V4 is scheduled to launch in mid-July, along with the introduction of a time-based pricing mechanism, where peak period usage will be priced at twice the usual rate. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-performance ratio of MiniMax M3. The upcoming larger version of the M3 series and the H3 video model are also seen as catalysts for the next phase.

[Goldman Sachs Maintains 'Buy' Rating on MiniMax with Target Price of HKD 860]On July 4, Goldman Sachs maintained a 'Buy' rating on MiniMax with a target price of HKD 860. In the report, Goldman Sachs stated that the MiniMax M3 model is priced the same as the M2.7, and with upgrades in training and inference architecture, the inference efficiency has more than doubled, sufficiently offsetting the cost increase from the doubling of model parameters. This week, DeepSeek announced that the official version of V4 is scheduled to launch in mid-July, along with the introduction of a time-based pricing mechanism, where peak period usage will be priced at twice the usual rate. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-performance ratio of MiniMax M3. The upcoming larger version of the M3 series and the H3 video model are also seen as catalysts for the next phase.

Goldman Sachs Maintains 'Buy' Rating on MiniMax with Target Price of HKD 860

On June 29, 2026, Susquehanna International Group (SIG), one of the largest options market makers in the U.S., filed a lawsuit in the Federal Court of Manhattan, New York, alleging that hundreds of individuals had prior knowledge of China's regulatory actions against illegal cross-border stock trading announced on May 22. They reportedly made unusually large purchases of put options for Tiger Brokers (NASDAQ: TIGR) and Futu Holdings (NASDAQ: FUTU), which faced heavy penalties, earning over $100 million in profit. According to the latest reports from Bloomberg, a judge in the Manhattan Federal Court has ordered the freezing of certain related accounts held by three brokerage firms and has issued subpoenas to each brokerage to obtain the identity information of the account holders.

[Early Knowledge of China's Regulatory Actions: Hundreds Short Tiger Brokers and Futu Sued]On June 29, 2026, Susquehanna International Group (SIG), one of the largest options market makers in the U.S., filed a lawsuit in the Federal Court of Manhattan, New York, alleging that hundreds of individuals had prior knowledge of China's regulatory actions against illegal cross-border stock trading announced on May 22. They reportedly made unusually large purchases of put options for Tiger Brokers (NASDAQ: TIGR) and Futu Holdings (NASDAQ: FUTU), which faced heavy penalties, earning over $100 million in profit. According to the latest reports from Bloomberg, a judge in the Manhattan Federal Court has ordered the freezing of certain related accounts held by three brokerage firms and has issued subpoenas to each brokerage to obtain the identity information of the account holders.

Early Knowledge of China's Regulatory Actions: Hundreds Short Tiger Brokers and Futu Sued

On July 4, local time, Iranian Deputy Foreign Minister Abbas Araghchi stated on social media that the Strait of Hormuz is not a stage for foreign countries to display military power, warning against any military actions taken in this sensitive waterway. Araghchi emphasized that the security of the Strait of Hormuz should be jointly maintained by the coastal countries, and any party that creates a crisis will bear responsibility for the consequences of its reckless actions. (CCTV News)

[Iran Warns Against Military Actions by Foreign Countries in the Strait of Hormuz]On July 4, local time, Iranian Deputy Foreign Minister Abbas Araghchi stated on social media that the Strait of Hormuz is not a stage for foreign countries to display military power, warning against any military actions taken in this sensitive waterway. Araghchi emphasized that the security of the Strait of Hormuz should be jointly maintained by the coastal countries, and any party that creates a crisis will bear responsibility for the consequences of its reckless actions. (CCTV News)

Iran Warns Against Military Actions by Foreign Countries in the Strait of Hormuz

On July 4, Malaysian police conducted a raid on an illegal cryptocurrency mining operation located in a warehouse at the Port Klang Free Trade Zone, Pulau Indah, and shut it down. During the operation, two foreign men, aged 20 and 31, were detained, and mining equipment was confiscated. Under Malaysian law, this action violates the Penal Code and the Electricity Supply Act, and if convicted, the two could face up to ten years in prison and a fine of 100,000 ringgit (approximately 24,500 USD).

[Malaysian Police Raid Illegal Cryptocurrency Mining Operation in Port Klang Free Trade Zone]On July 4, Malaysian police conducted a raid on an illegal cryptocurrency mining operation located in a warehouse at the Port Klang Free Trade Zone, Pulau Indah, and shut it down. During the operation, two foreign men, aged 20 and 31, were detained, and mining equipment was confiscated. Under Malaysian law, this action violates the Penal Code and the Electricity Supply Act, and if convicted, the two could face up to ten years in prison and a fine of 100,000 ringgit (approximately 24,500 USD).

Malaysian Police Raid Illegal Cryptocurrency Mining Operation in Port Klang Free Trade Zone

According to Dongcha Beating monitoring, Huawei's semiconductor head He Tingbo released the paper 'Time Shrinking Theory for Multi-Level Electronic Systems' (Tao's Law) V2 version on July 3 on the Chinese Academy of Sciences' pre-publication platform ChinaXiv. Compared to the V1 version released on May 25, the new version supplements a wealth of engineering implementation details and measured quantitative data based on the theoretical framework, forming a complete discussion system of 8 chapters. It also introduces principle and schematic diagrams covering core technologies such as the τ layered spatiotemporal model, LogicFolding architecture, bonding interface cross-section, Unified Bus interconnection architecture, and Hi-ONE optical engine. In terms of engineering implementation, the V2 version deeply explains the 'gear ratio' concept of LogicFolding: when the mixed bonding spacing approaches the size of the top-level metal wiring, the 3D design space shifts from traditional 'macro-block level discrete optimization' to 'cell level continuous optimization', achieving globally optimal vertical logic partitioning and breaking through the limitations of traditional 3D stacking that could only layer by functional blocks. The V2 version also presents for the first time a mass production measured data table, clearly listing the voltage, frequency, normalized power consumption, area, and power density parameters of Kirin 2026 compared to the benchmark Kirin 9030 Pro, further validating the post-Moore era scaling theory centered on the time constant τ through measured data.

[Huawei Releases V2 Version of 'Tao's Law' Paper: Kirin 2026 Data Publicly Released for the First Time, Supplementing Engineering Details and Measured Data]According to Dongcha Beating monitoring, Huawei's semiconductor head He Tingbo released the paper 'Time Shrinking Theory for Multi-Level Electronic Systems' (Tao's Law) V2 version on July 3 on the Chinese Academy of Sciences' pre-publication platform ChinaXiv. Compared to the V1 version released on May 25, the new version supplements a wealth of engineering implementation details and measured quantitative data based on the theoretical framework, forming a complete discussion system of 8 chapters. It also introduces principle and schematic diagrams covering core technologies such as the τ layered spatiotemporal model, LogicFolding architecture, bonding interface cross-section, Unified Bus interconnection architecture, and Hi-ONE optical engine. In terms of engineering implementation, the V2 version deeply explains the 'gear ratio' concept of LogicFolding: when the mixed bonding spacing approaches the size of the top-level metal wiring, the 3D design space shifts from traditional 'macro-block level discrete optimization' to 'cell level continuous optimization', achieving globally optimal vertical logic partitioning and breaking through the limitations of traditional 3D stacking that could only layer by functional blocks. The V2 version also presents for the first time a mass production measured data table, clearly listing the voltage, frequency, normalized power consumption, area, and power density parameters of Kirin 2026 compared to the benchmark Kirin 9030 Pro, further validating the post-Moore era scaling theory centered on the time constant τ through measured data.

Huawei Releases V2 Version of 'Tao's Law' Paper: Kirin 2026 Data Publicly Released for the First Time, Supplementing Engineering Details and Measured Data

On July 4, the Jupiter Strategic Reserve Trust, known as the Jupiter Litterbox Trust, increased its holdings by 186,546 JUP, valued at approximately $45,000. This month, it has accumulated a total purchase of 1,226,119 JUP, valued at around $300,000. To date, its total purchases amount to 145,028,229 JUP, valued at approximately $34.8 million. The Jupiter Strategic Reserve Trust is the official on-chain treasury fund of Jupiter, automatically allocating 50% of the revenue from the Jupiter protocol into purchasing and holding JUP tokens on the open market through smart contracts, often humorously referred to by the community as the 'litterbox trust'.

[Jupiter Strategic Reserve Trust Increases Holdings by Approximately 186,546 JUP]On July 4, the Jupiter Strategic Reserve Trust, known as the Jupiter Litterbox Trust, increased its holdings by 186,546 JUP, valued at approximately $45,000. This month, it has accumulated a total purchase of 1,226,119 JUP, valued at around $300,000. To date, its total purchases amount to 145,028,229 JUP, valued at approximately $34.8 million. The Jupiter Strategic Reserve Trust is the official on-chain treasury fund of Jupiter, automatically allocating 50% of the revenue from the Jupiter protocol into purchasing and holding JUP tokens on the open market through smart contracts, often humorously referred to by the community as the 'litterbox trust'.

Jupiter Strategic Reserve Trust Increases Holdings by Approximately 186,546 JUP

On July 4, BNP Paribas Chief Economist Isabelle Mateos y Lago stated, "If the non-farm payroll numbers in July are very strong, close to or exceeding 130,000, then I believe the July meeting will be full of suspense. The uncertainty may not be as high now, but in my view, the reasons for the Fed to raise interest rates still hold." Before the July 4 holiday, the short-term interest rate futures market anticipated about a 20% chance of the Fed raising rates in its July 29 decision, down from 33% before the non-farm report was released. The market still expects the Fed to raise rates by 25 basis points this year, but the earliest increase would not occur until December. Regarding the European Central Bank, Lago noted, "The basic expectation remains that there will be another rate hike in September. However, it is worth noting that members of the Governing Council who spoke at the Sintra meeting did not rule out the possibility of not proceeding with this additional hike." She warned that normalizing energy supply may take six months or longer to take effect, and inflation in the Eurozone could accelerate again. Nevertheless, she believes that, aside from areas affected by energy, other regions' consumer prices will not face pressure.

[BNP Paribas: Lower Likelihood of Fed Action in July]On July 4, BNP Paribas Chief Economist Isabelle Mateos y Lago stated, "If the non-farm payroll numbers in July are very strong, close to or exceeding 130,000, then I believe the July meeting will be full of suspense. The uncertainty may not be as high now, but in my view, the reasons for the Fed to raise interest rates still hold." Before the July 4 holiday, the short-term interest rate futures market anticipated about a 20% chance of the Fed raising rates in its July 29 decision, down from 33% before the non-farm report was released. The market still expects the Fed to raise rates by 25 basis points this year, but the earliest increase would not occur until December. Regarding the European Central Bank, Lago noted, "The basic expectation remains that there will be another rate hike in September. However, it is worth noting that members of the Governing Council who spoke at the Sintra meeting did not rule out the possibility of not proceeding with this additional hike." She warned that normalizing energy supply may take six months or longer to take effect, and inflation in the Eurozone could accelerate again. Nevertheless, she believes that, aside from areas affected by energy, other regions' consumer prices will not face pressure.

BNP Paribas: Lower Likelihood of Fed Action in July

Ethereum ETFs see $12.85M outflows – Why ETH bulls face an uphill battle

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How Collector Crypt Uses 'Recirculating Buybacks' to Create an Illusion of Growth

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Dragonfly Partner Haseeb on Investment Philosophy: Staying in the Market, Believing in Exponential Growth

BNP Paribas: Lower Likelihood of Fed Action in July

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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